The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-07-31
FINANCE AND MINING.
Features of the Week just
Past.
ONTARIO AND DAILY REPORTS.
Coop. Stock Still Mounting-wool
Of-State OF Commerce
Etc

The week has been devoid of any
special trade features.
Sheep men are holding back their
wool; the price is still shading off, and
they wait in the hope OF being able to
obtain what their luckier neighbors OBJ
tanned earlier in the season. Sales have,
therefore. been very light during the
week.
Reported calls for Coop. stock at
SLOT" said Mr.. Schettler at lions Saw
ings Bank, "but no sellers under $11O. !"
This is common report. A month
or two ago when McCornick's bank,
which is responsible for the firm bull
movement in a. G. M. 1. stock, laid
down $l10 as the minimum price at
which it would sell-even holders of the
stock pooh-poohed. But now it has
advanced to within three notches of
that figure, and Mr.. Mccormick says in
his opinion will reach his figure before
the first of the year. At $1I0 the stock
pays better than 8 per cent. interest,
without considering the institutions
heavy reserve. g consideration which
Mr.. Mccormick thinks ought to put the
stock in demand by investors at much
higher figure even than $110."
r. G. Dun & Co.'s weekly review of
trade says: With business progressing
well throughout the country, crop pros
poets excellent. iron production larger
than at any previous period, and money
in abundant supply, Wall Street is dis
turbed because a dream it has been
chasing for months suddenly fades
away, and Mr.. Garrett announces the
failure of Mr.. Ives to buy the Balti-
more & Ohio. This incident illustrates
the weakness of Wall Street as a baro-
meter. For four months the street has
been discounting the benefcent results
of this expected settlement" and all
sorts of purchases, loans, commitments
and calculations have been based
thereon. But for these, the retention of
the Baltimore & Ohio by its old owners
would disturb nobody. But now litiga-
ton, involving the value of many prop
critics, directly and indirectly, has been
commenced, and may overcloud them
with uncertainty for some time, and
meanwhile no one wants to buy share
in lawsuit.
Wheat at S1M for No. winter in July
is lower than it has been before in that
month for more than forty years, and
close to the lowest price for that period
in any month. This is the direct re
suit of a speculation which drew many
million bushels from farmers hands,
where cost of carrying was nothing, into
the hands of dealers who are anxious to
unload before new wheat comes. The
20,000.000 bushels in few elevators
are heavier than 100000 bushels
would be in farmers bins. Small pur-
chases from farmers for some time to
come are probable, and the consequent
delay in demand for money to use in
crop moving may possibly be helpful.
Reports from all parts of the country
are uniformly favorable as to state of
trade for the the season, and collections
are reported good or fair at all points
save two. The crop prospects are also
pronounced more favorable, though the
extent of damage done by drought and
insects cannot be exactly determined.
One feature in current reports that
should be noticed is that the south &C
tually made less iron by 1900 tons in
the first half of 1887 than in the last half
of 1886, Notwithstanding all the expan-
sion of facilities widely heralded, and
there are signs of abatement of real es-
tate enthusiasm at some western points.
Failure to enforce the interstate act as
was expected results in disappointment
to some localities; but the volume of
and the return of railroad
earnings, show the business is, on the
whole, larger than a year ago.
The business failures throughout the
country during the last seven days, as
reported to R. G. Dun & Co., of the
Mercantile Agency, to-day. Friday, by
telegraph, number for the United States
LAT, and for Canada "a, or total of 172,
as compared with a total of 179 last
week, and 154 the week previous to the
last. For the corresponding week of
last year the figures were: United
States, 1853; Canada, 20. Total, 1873.